[PHNOM PENH POST]
TROUBLED real-estate investor JSM Indochina Ltd has announced an
agreement with Trinity Structure & Finance for the conditional
disposal of all its subsidiaries, according to a company statement.
This
move follows the recent sales of JSM’s properties in the region – five
in Cambodia and one in Vietnam – as the company works its way towards an
eventual liquidation.
“Following the conditional disposal of the
company’s real- estate assets, the board believes this transaction is
the most efficient means of expediting further returns of capital to
shareholders,” the statement said.
Trinity will acquire all the
issued share capital in JSM Indochina’s direct subsidiary, JSM Indochina
Properties Ltd, for US$1, according to the statement.
JSM Properties owns all of the parent company’s other subsidiaries.
Trinity,
which focuses on a mergers and acquisitions, corporate finance and
restructuring and initial public offerings, declined to elaborate on its
intentions for JSM Indonesia Properties.
“We're exploring the
various options of what to do with these entities,” Jonathan Lynch,
Trinity's country manager and legal counsel, said.
“We have numerous other deals in the pipeline,” he said, adding that this was Trinity’s first transaction in Cambodia.
JSM
Indochina Ltd said the transaction was preferable to individual
liquidations in Cambodia, Vietnam, Singapore and the Cayman Islands,
which is where the company was incorporated.
The company hoped
to avoid the additional legal work, tax obligations and other
liabilities that would be inherent in undertaking those individual
liquidations, JSM said.
“These actions would be expected to take a
long period of time to complete and involve the company incurring
significant costs,” the statement said.
Completion of the
transact-ion would be conditional on the completion of the disposal of
JSM Indochina’s Cambodian portfolio, according to the company.
The
portfolio was sold in April to Hongkong Land (Singapore) Pte Ltd for
$35.7 million, although the deals are not expected to close until later
this year.
Hongkong Land bought the Embassy Centre property near
Wat Phnom, JSM' s two colonial mansions and the Ounalom property, near
the riverside in Phnom Penh, as well as a 31,000 square-metre plot near
the Raffles Grand Hotel d´Angkor, in the heart of Siem Reap.
In
May, JSM transferred the land-use rights for its Peninsula property, in
Ho Chi Minh City, to the Sao Sang Saigon Joint Stock Company for $11
million.
Over the past couple of years, JSM Indochina Ltd shareholders have complained about the company and its investment strategies.
In
April, shareholders demanded the realisation of JSM Indochina’s
regional portfolio, which led to the sales in Cambodia and Vietnam.
The board of directors will eventually seek shareholder approval to liquidate JSM, the company has said.
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